This assessment was shared by Nguyen Son, chairman of the Board of Members of Vietnam Securities Depository and Clearing Corporation (VSDC), at the Vietnam Investment Forum 2026. According to the upgrade plan approved by the government last year, the stock market aims to meet the criteria for upgrading to an emerging market, as per MSCI – a leading global index provider – by 2030.

According to Nguyen Son, the State Securities Commission has been preparing for this plan for three to five years. "Following the milestone of being upgraded to an emerging market by FTSE Russell, Vietnam could further meet MSCI's criteria by 2028 or 2029, ahead of the initial schedule," Son stated.

Last year, Nguyen Duy Hung, chairman of SSI Securities, noted that the conditions for an upgrade under MSCI standards are far stricter than those of FTSE Russell. Beyond assessing enterprise size and liquidity, MSCI also deeply evaluates foreign investor accessibility, including trading and settlement mechanisms, foreign ownership limits ("foreign room"), transparency levels, capital repatriation capabilities, and legal stability.

Nguyen Son, chairman of the Board of Members of Vietnam Securities Depository and Clearing Corporation (VSDC), spoke at the Vietnam Investment Forum 2026. *Photo: Organizing Committee.*

Nguyen Son indicated that Vietnam's stock market faces two significant challenges to achieve an MSCI upgrade. Firstly, MSCI requires the market to establish an independent legal entity to act as a central counterparty (CCP). This entity serves as an intermediary between buyers and sellers, aiming to minimize risks during securities transaction settlements.

Additionally, MSCI mandates requirements related to the omnibus account model. This mechanism involves a custodian bank or an intermediary managing a single securities account that holds assets belonging to various investors.

To address these issues, Nguyen Son reported that VSDC has completed the establishment of a subsidiary, the Central Counterparty Clearing One Member Limited Liability Company (CCP). This legal entity is currently finalizing its technology infrastructure and related regulations to launch the system in Q1/2027.

Regarding the omnibus account model, VSDC leadership stated that regulators are collaborating with international organizations such as the World Bank and IAG, along with working groups from the Vietnam Capital Market Forum (VBF). This effort aims to research a model suitable for domestic conditions, thereby meeting the requirements of foreign institutional investors. Son affirmed that omnibus accounts will be housed at either the Stock Exchange or a depository institution.

Bui Hoang Hai, vice chairman of the State Securities Commission, spoke at the Vietnam Investment Forum 2026. *Photo: Organizing Committee.*

In addition to upgrade strategies, Bui Hoang Hai, vice chairman of the State Securities Commission, also outlined several solutions for market development at the event. According to Hai, the commission is collaborating with relevant ministries and sectors to propose amendments to the Securities Law aimed at enhancing efficiency. The new regulations are expected to reduce business conditions, administrative procedures, and compliance costs by 50%.

Concurrently, to increase market supply, regulatory bodies will continue to promote the equitization and divestment of state-owned enterprises. Ministries and agencies have also reached a consensus allowing foreign direct investment (FDI) enterprises to conduct initial public offerings (IPO) and list shares on the stock exchange.

Bui Hoang Hai stated that regulators are also developing a roadmap to introduce new products and services integrated with the KRX system. Furthermore, the State Securities Commission is implementing two major projects: an overall market management and supervision system, and a centralized data warehouse for the entire sector.

Trong Hieu